Highlights

• Livermore paid a 4.23 US cent Interim Dividend totalling $7.023 million in July 2025, its latest confirmed distribution.

• Net asset value per share held at $0.84 in December 2025, with a net return of about 5%.

• Cash, deposits and Government Bonds totalled $36.9 million, alongside a $46.5 million portfolio of collateralised Loan obligations.

• The board declared no final dividend for 2025 and links future payouts to profit, Liquidity and the discount to NAV.

Not every income candidate is paying right now. Livermore Investments Group (LSE:LIV) built a reputation on cash-generating assets, yet no dividend with an ex-date in the last twelve months was recorded. That makes the company a case study in reading the Balance Sheet first and the Yield second.

The dividend record

The most recent confirmed payment was an interim of 4.23 US cents per share, worth $7.023 million in total. It was announced on 23 May 2025, recorded on 6 June and paid on 4 July 2025, which falls before the twelve-month window that ends on 10 November 2026. For the year to 31 December 2025, the final results did not declare a further dividend, and the board said future payments would be decided later. With no payment in the period, the trailing paid yield on a 40.0p share price calculates as nil.

What drives the policy

The company states that future dividends depend on profitability, liquidity needs, portfolio performance, market conditions and the share price relative to net asset value. That list explains why payments are lumpy rather than scheduled. Net profit for 2025 was $5.3 million against $6.6 million in 2024, or about $0.03 per share. The gain came mainly from a higher valuation of the Fetcherr investment, while the collateralised loan obligation portfolio recorded a net loss of $4.9 million from valuation declines.

Where the Assets sit

At 31 December 2025, the financial portfolio stood at $96.2 million, including $21.5 million of cash. Invested assets of $74.7 million comprised $46.5 million of collateralised loan obligations, $11.3 million of listed shares, $11.1 million of short-term government bonds, $4.3 million of long-term government bonds and $1.5 million of corporate bonds. Private holdings added $9.2 million, mainly Phytech, and the Fetcherr stake, held through Livermore Capital AG, was carried at $26.5 million. Total shareholders' funds were $139.6 million.

Structure and risks

Livermore is incorporated in the British Virgin Islands, tax resident in Cyprus and quoted on AIM. It has no external management company, so it pays no external management or performance fees. Its strategy centres on investments that generate regular cash flows, chiefly US senior secured loans held through collateralised loan obligations. The collateralised loan obligation portfolio paid $15.7 million in cash distributions during 2025, yet its valuation can swing. A large private holding in an artificial intelligence company adds concentration, and dividends are declared in dollars while the shares trade in pence.

Reading the situation

A yield figure quoted elsewhere may reflect the older payment rather than anything new, so it is worth checking the payment dates. Until a fresh dividend is declared, the Investment case rests on asset value and cash generation, not on a confirmed income stream.

Net asset value and the share price

For an investment company, net asset value is the total value of its assets minus its liabilities, divided by the number of shares. Livermore Investments Group (LSE:LIV) reported $0.84 per share at the end of 2025. Comparing this with the share price shows whether the shares trade at a discount or premium to asset value. The board has said that the discount is one Factor in deciding future dividends, because a wide discount may make Buybacks more attractive than payments.

Why a dividend can pause

An investment company has no fixed Revenue line like a retailer. Its income comes from interest, distributions and changes in asset values, and these can vary widely. The valuation decline in the loan obligation portfolio and the gain on the Fetcherr stake show how different parts of the portfolio can move in opposite directions. When profit is uncertain and the board wants to keep cash for opportunities, a pause in payments can be a sensible decision for LSE:LIV.

Currency and structure

Dividends are declared in dollars while the shares trade in pence, so exchange rates affect the value received by a UK investor. The company's incorporation in the British Virgin Islands and tax residence in Cyprus also set it apart from most UK-based companies. The lack of an external management company means there are no management or performance fees, which can improve returns, but it also places responsibility for decisions on a small team.

What to watch next

The next signals will be the half-year results, any new dividend declaration and the level of cash and distributions from the loan portfolio. Investors should also watch the value attached to the Fetcherr holding. Until a new payment is announced, the shares should be viewed through their asset value and cash generation rather than through an income yield.